§ 2.132. Purpose and Duties.

(1)

The purpose of the Board is to assist City Council in carrying out City Council's oversight responsibilities as they relate to the City's:

(a)

Financial and other reporting practices,

(b)

Internal control,

(c)

Compliance with laws, regulations, and ethics,

(d)

Independent audit process, and

(e)

Special audit needs.

The Audit Board shall have access to City personnel and documents as may be authorized or permitted by law.

(2)

The duties of the Board shall include:

(a)

Financial and Other Reporting Practices. Providing reasonable assurance to the City Council that controls are in place and operating to ensure that financial information reported by management reasonably portrays the City's financial condition, results of operations, and plans and long-term commitments.

(b)

Internal Control. Providing reasonable assurance to the City Council that controls are in place and operating to ensure that resources are utilized in an efficient and economical manner and that programs are carried out as planned by reviewing the results of internal and external audits.

(c)

Compliance with Laws, Regulations, and Ethics. Providing reasonable assurance to the City Council that the City is in compliance with pertinent laws and regulations, is conducting its affairs ethically, and is maintaining effective controls against conflicts of interest and fraud.

(d)

Safeguarding the Independence of the Audit Process. Providing reasonable assurance to the City Council that the audit process is independent by:

(i)

Making recommendations to the City Council with respect to the appointment or dismissal of the external auditor.

(ii)

Reviewing and recommending approval or disapproval of the internal audit charter.

(iii)

Reviewing and recommending approval or disapproval of the annual external audit plan and budget.

(iv)

Reviewing and making recommendations to the Internal Auditor on the annual internal audit plan.

(v)

Ensuring that the audit process is conducted in accordance with generally accepted auditing standards including Government Auditing Standards, issued by the Comptroller General of the United States, and Standards for the Professional Practice of Internal Auditing, issued by the Institute of Internal Auditors, Inc.

(e)

Other oversight duties as may be assigned by the Mayor or City Council.

(Ord. of 6-21-1976, § 2; Ord. of 2-7-1983, Doc. #17524; Ord. of 4-19-1993, Doc. #26542)